Norway: Eitzen Maritime Services ASA Appoints New CEO

The Board of Directors has appointed Morten Persen (54) as the company’s managing director/CEO. Morten Persen has 23 years of diversified international industry and top management experience focused on operations, restructuring, line management, board representation, as well as international commercial and legal negotiations. Morten Persen has since July 2011 been hired as the company’s Chief Legal Officer and assumes his new position from today’s date, replacing Peter D. Knudsen who will continue in his position as CEO of Camillo Eitzen & Co ASA.

This change of CEO comes at this time as a logical consequence of the decisions made by the shareholders meeting on 11 October 2011 and the subsequent Bondholder meeting concluded on 13 October 2011, whereby a significant conversion of debt to equity and a new NOK 60 million bond loan are the main elements.

Peter D. Knudsen was constituted as CEO for EMS on 22 June 2011. The Board of Directors thanks Peter for his valuable contribution and commitment through a critical period for the company, a task that from the outset was designated to be for such a transitional period.

[mappress]

Source: ems-asa, October 20, 2011.